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30.11.2004 Business & Finance

World Bank Promises More Funds To Ghana

The World Bank has so much confidence in the management of Ghana's economy that it is prepared to give Ghana more money to undertake development and infrastructure projects, says Max Karison, country Director of the World Bank in Ghana. “Ghana has become the beacon of political and economic hope for the whole of Africa, “Mr Karlson added.

Mr Karlson stated this last Saturday at the launch of a $60 million Community-Based Rural Development Association (IDA) in support of Ghana's development efforts.

The project is aimed at empowering rural communities in all the districts to increase their access to social and economic resource to reduce poverty. “The project is expected to increase rural incomes, to improve the access of rural people to basic social services, and to build capacity with a view to significantly increasing investments in economic, social and environmental activities,” said Mr Charles Annor-Frempong, the World Bank's Task Team Leader for the project.

All sub-projects under the Community-Based Rural Development Project will be implemented by the communities themselves or under their control.

The institutional strengthening and capacity-building component of the project costing US$8.52 million aims at promoting good governance by building the skills of regional district area councils and rural communities and traditional authorities to deliver public services and manage resources in an accountable and transparent manner.

A second component at a cost of US$8.52 million will enhance farming and non-farming activities that increase incomes for the beneficiaries. These include he provision and improvement of access to farms and markets.

The setting up of rural enterprise development and learning centres is envisaged as part of the third component of the project, for which the estimated cost is US$8.37 million.

The overall objective of this component is to develop skills and create employment in rural communities market research, business linkages and joint venture agreements, among others.

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